Module 2 Basic Principles of Management

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STUDENT HANDBOOK (PGDHHM) 111.

Module 2

Basic Principles of Management Total: 100 Marks

Answer the following questions. Each question carries 20 marks.

Question. 1. Explain in details the different types of financial ratios.

Answer: Financial ratios express relationships between financial statement items. Although they provide historical data, management can use ratios to identify internal strengths and weaknesses, and estimate future financial performance. Investors can use ratios to compare companies in the same industry. Ratios are not generally meaningful as standalone numbers, but they are meaningful when compared to historical data and industry averages.

Liquidity: The most common liquidity ratio is the current ratio, which is the ratio of current assets to current liabilities. This ratio indicates a company's ability

Question. 3. What is budget? Explain types & advantages of budget?

Answer: A budget is the sum of money allocated for a particular purpose and the summary of intended expenditures along with proposals for how to meet them. Budget helps to aid the planning of acTual operations by forcing managers to consider how the conditions might change and what steps should be taken now and by encouraging managers to consider problems before they arise. It also helps co-ordinate the activities of the organization by

Question. 4. Explain the concepts and categories of economics and explain why economics is applicable to healthcare sector.

Answer: Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. In broad terms, health economists study the functioning of healthcare systems and health-affecting behaviors such as smoking.

A seminal 1963 article by Kenneth Arrow, often credited with giving rise to health economics as a discipline, drew conceptual distinctions between

Question. 5. Write short notes on : (any two

a. Break even volume

Answer: Product price can be based on the cost of producing the product. However, there is not a specific price level that you can charge that will assure you that you will cover your costs. Because fixed costs need to be covered regardless of the number of units produced and sold, the number of units you produce and sell determines the price needed to break even. To do this you need to classify the costs into the managerial cost categories of variable and fixed costs.

b. Depreciation

Answer: In accountancy, depreciation refers to two aspects of the same concept:

·       The decrease in value of assets (fair value depreciation)

·       The allocation of the cost of assets to periods in which the assets are used (depreciation with the matching principle)

Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion. Businesses depreciate long-term assets for both tax and accounting purposes. The former affects the balance sheet of a business or entity, and the latter affects the net income that they report. Generally the cost is allocated, as depreciation

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